What is the Educator Expense Tax Deduction?

The Educator Expense Deduction allows eligible educators to deduct up to $250 worth of qualified expenses from their income. If you're an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Qualified expenses [...]

By |2021-08-16T15:29:37+00:00August 1st, 2021|Uncategorized|Comments Off on What is the Educator Expense Tax Deduction?

IRS extends additional tax deadlines for individuals to May 17

The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for [...]

By |2021-05-03T15:22:02+00:00March 29th, 2021|Uncategorized|Comments Off on IRS extends additional tax deadlines for individuals to May 17

Preparing for a Disaster (Taxpayers and Businesses)

Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. Listed below are tips for individuals and businesses on preparing for a [...]

By |2020-11-20T14:46:43+00:00August 28th, 2020|Uncategorized|Comments Off on Preparing for a Disaster (Taxpayers and Businesses)

Earning side income: Is it a hobby or a business?

Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return. What's the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport or [...]

By |2020-11-20T14:47:36+00:00August 26th, 2020|Uncategorized|Comments Off on Earning side income: Is it a hobby or a business?

IRS makes Form 1040-X amended tax returns available for e-filing

Marking a major milestone in tax administration, the Internal Revenue Service announced that taxpayers can now submit Form 1040-X electronically with commercial tax-filing software. As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed to be [...]

By |2020-11-20T14:48:15+00:00August 22nd, 2020|Uncategorized|Comments Off on IRS makes Form 1040-X amended tax returns available for e-filing

What Taxpayers Need to Know About the Home Office Deduction

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to help taxpayers understand the home office deduction [...]

By |2020-11-20T14:54:25+00:00August 7th, 2020|Uncategorized|Comments Off on What Taxpayers Need to Know About the Home Office Deduction

What taxpayers should do if they get a letter or notice from the IRS

Every year the IRS mails letters or notices to taxpayers for many different reasons. You may receive a notice or letter for one of the following reasons: You have a balance due. You are due a larger or smaller refund. The IRS has a question about your tax return. The IRS needs to verify your [...]

By |2020-11-20T14:54:57+00:00August 4th, 2020|Uncategorized|Comments Off on What taxpayers should do if they get a letter or notice from the IRS

PPP FORGIVENESS APPLICATIONS & WHY YOU SHOULD NOT ‘RUSH’

Paycheck Protection Program PPP Loan forgiveness application form. Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are wanting to know if they will qualify for PPP loan forgiveness. Many business owners and even larger companies are feeling anxious about the requirements for loan [...]

By |2020-11-20T14:55:33+00:00July 27th, 2020|Uncategorized|Comments Off on PPP FORGIVENESS APPLICATIONS & WHY YOU SHOULD NOT ‘RUSH’

Know Your Limits! Charitable Contributions Limits Have Changed for 2020!

Temporary Suspension of Limits on Charitable Contributions In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of [...]

By |2020-11-20T14:59:25+00:00July 25th, 2020|Uncategorized|Comments Off on Know Your Limits! Charitable Contributions Limits Have Changed for 2020!

“At-Home” Employees Can Increase Data Security Risks: Protect Your Sensitive Data!

With cyberthieves active during COVID-19, organizations are urged to maintain a heightened state of alert as cybercriminals seek to exploit Covid-19 concerns.  There are security steps that can be taken to ensure you are fully protecting client data whether working in the office or a remote location. To guard against cyberthreats, employers should consider: Requiring [...]

By |2020-11-20T14:56:09+00:00July 24th, 2020|Uncategorized|Comments Off on “At-Home” Employees Can Increase Data Security Risks: Protect Your Sensitive Data!
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